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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2018
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | 10. VARIABLE INTEREST ENTITIES Since 2016, the Company, through its wholly owned subsidiary, CSE Japan Investment Company Limited, entered into silent partnership agreements with various Japan project companies, for the purpose of raising project finance bonds arranged by Goldman Sachs Japan Co., Ltd. Under the silent partnership agreements, the project entities are considered VIEs in which the Company has no equity interests, but is entitled to substantially all of the economic interests of the projects. In addition, the Company has the power to make decisions over the activities that most significantly impact the economic performance of the projects under the asset management agreement signed simultaneously between the project companies and Canadian Solar Project K.K, a subsidiary of the Group. As such, the Company concluded it was the primary beneficiary of the project companies and thus these project companies were accounted for as consolidated VIEs for the year ended December 31, 2017 and 2018. As of December 31, 2018, the carrying amounts and classifications of the consolidated VIEs’ assets and liabilities, excluding intercompany balances which are eliminated upon consolidation, included in the Company’s consolidated balance sheet are as follows:
|  | At December 31, |  | At December 31,
|  | 2017 |  | 2018
|  | $ |  | $
Cash and cash equivalents |  | 33,993 |  | 13,063
Accounts receivable trade, net of allowance |  | 2,787 |  | 446
Value added tax recoverable |  | 4,772 |  | 9
Advances to suppliers—current, net of allowance |  | 16 |  | 5
Project assets—current |  | 171,898 |  | —
Prepaid expenses and other current assets |  | 12,605 |  | 23
Total current assets |  | 226,071 |  | 13,546
Prepaid land use rights |  | 22,927 |  | 3,906
Project assets—non-current |  | — |  | 185,448
Other non-current assets |  | 2,708 |  | 4,384
Total assets |  | 251,706 |  | 207,284
Current liabilities: |  |  |  |
Short-term borrowings |  | 214,128 |  | 9,160
Accounts payable |  | — |  | 20,333
Amounts due to related parties |  | 272 |  | 39,072
Other payables |  | — |  | 41
Other current liabilities |  | 7,863 |  | 30
Total current liabilities |  | 222,263 |  | 68,636
Long-term borrowings |  | — |  | 113,973
Other non-current liabilities |  | 6,777 |  | —
Total liabilities |  | 229,040 |  | 182,609
All of the assets are restricted for settlement of the VIEs’ obligations, and all of the liabilities can only be settled using VIE resources. Net income and overall cash flow activities during the year are immaterial to the consolidated financial statements.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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